For The First Time In Ages, European Unemployment Actually Falls

Unemployment in Europe is still in nosebleed territories, but for the first time in ages it didn't get worse in the month of June.

In the Eurozone, unemployment was stable at 12.1% (slightly beating expectations) and for the EU there was actually a dip to 10.9% from 11.0%.

While not all datapoints are showing improvement, this latest report helps corroborate the notion that the European economy bottomed some time in Q2, and is now rebounding. It's not amazing by any standards, but enough numbers are showing this so as to indicate that the recession has probably ended, which is something we argued last week after some manufacturing numbers.

Here's chart showing improvement on the EU line for the first time in years.